Hotels & Accommodations
Xenia Hotels & Resorts Reports Second Quarter 2025 Results
ORLANDO, Fla., Aug. 1, 2025 /PRNewswire/ — Xenia Hotels & Resorts, Inc. (NYSE: XHR) (“Xenia” or the “Company”) today announced results for the quarter ended June 30, 2025.
Second Quarter 2025 Highlights
- Net Income: Net income attributable to common stockholders was $55.2 million, or $0.56 per share
- Adjusted EBITDAre: $79.5 million, increased 16.3% compared to the second quarter of 2024
- Adjusted FFO per Diluted Share: $0.57, increased 9.6% compared to the second quarter of 2024
- Same-Property Occupancy: 72.3%, increased 140 basis points compared to the second quarter of 2024
- Same-Property ADR: $270.42, increased 2.0% compared to the second quarter of 2024
- Same-Property RevPAR: $195.51, increased 4.0% compared to the second quarter of 2024
- Same-Property Hotel EBITDA: $84.0 million, increased 22.2% compared to the second quarter of 2024
- Same-Property Hotel EBITDA Margin: 29.4%, increased 269 basis points compared to the second quarter of 2024
- Transaction Activity: In April, the Company sold the 545-room Fairmont Dallas for $111.0 million, or approximately $203,670 per key.
- Dividends: The Company declared its second quarter dividend of $0.14 per share for stockholders of record on June 30, 2025.
- Capital Markets Activities: The Company repurchased a total of 2,948,912 shares of common stock at a weighted-average price of $12.10 per share for a total consideration of approximately $35.7 million.
Year-to-Date 2025 Highlights
- Net Income: Net income attributable to common stockholders was $70.7 million, or $0.71 per share
- Adjusted EBITDAre: $152.5 million, increased 14.1% compared to the same period in 2024
- Adjusted FFO per Diluted Share: $1.08, increased 13.7% compared to the same period in 2024
- Same-Property Occupancy: 71.0%, increased 180 basis points compared to the same period in 2024
- Same-Property ADR: $272.88, increased 2.7% compared to the same period in 2024
- Same-Property RevPAR: $193.66, increased 5.4% compared to the same period in 2024
- Same-Property Hotel EBITDA: $158.5 million, increased 16.6% compared to the same period in 2024
- Same-Property Hotel EBITDA Margin: 28.2%, increased 157 basis points compared to the same period in 2024
- Capital Markets Activity: In the first half of the year, the Company repurchased a total of 5,682,061 shares of common stock at a weighted-average price of $12.58 per share for a total consideration of approximately $71.5 million.
“Our second quarter results surpassed our expectations, as both revenues and Hotel EBITDA increased significantly compared to the same period last year,” said Marcel Verbaas, Chair and Chief Executive Officer of Xenia. “Early performance at the recently renovated and upbranded Grand Hyatt Scottsdale Resort continues to be encouraging and was the main driver of our 4% Same-Property RevPAR increase for the quarter. Additionally, strong group business demand drove substantial food and beverage revenue increases throughout the portfolio, including at Grand Hyatt Scottsdale Resort, resulting in an 11% increase in Same-Property Total RevPAR compared to the second quarter of last year. The majority of our second-quarter outperformance was the result of outsized gains in highly-profitable catering revenues that substantially exceeded our expectations at a number of our group-oriented hotels which, when coupled with lower-than-expected expense growth across our portfolio, fueled solid operating margins and Hotel EBITDA growth.”
“Looking ahead, the second half of the year is shaping up consistent with our prior expectations,” continued Mr. Verbaas. “Group business continues to be a bright spot and is expected to be particularly strong in the fourth quarter. Meanwhile, corporate transient demand is continuing to recover slowly while leisure demand continues to normalize. Given these trends, we have increased our full-year guidance for Adjusted EBITDAre and Adjusted FFO to reflect our outperformance in the second quarter and an unchanged outlook for the second half of the year. We continue to be optimistic regarding the future growth prospects for our high-quality portfolio and our ability to drive shareholder value through superior capital allocation decisions, including the successful disposition of Fairmont Dallas and the repurchase of almost 3 million shares of our common stock in the second quarter at an attractive valuation.”
Operating Results
The Company’s results include the following:
|
Three Months Ended June 30, |
|||||
|
2025 |
2024 |
Change |
|||
|
($ amounts in thousands, except hotel statistics and per share amounts) |
|||||
|
Net income attributable to common stockholders |
$ 55,157 |
$ 15,338 |
259.6 % |
||
|
Net income per share available to common stockholders – basic and diluted |
$ 0.56 |
$ 0.15 |
273.3 % |
||
|
Same-Property Number of Hotels(1) |
30 |
30 |
— |
||
|
Same-Property Number of Rooms(1)(6) |
8,868 |
8,863 |
5 |
||
|
Same-Property Occupancy(1) |
72.3 % |
70.9 % |
140 bps |
||
|
Same-Property Average Daily Rate(1) |
$ 270.42 |
$ 265.16 |
2.0 % |
||
|
Same-Property RevPAR(1) |
$ 195.51 |
$ 187.95 |
4.0 % |
||
|
Same-Property Total RevPAR(1)(2) |
$ 354.50 |
$ 319.44 |
11.0 % |
||
|
Same-Property Hotel EBITDA(1)(3) |
$ 84,027 |
$ 68,747 |
22.2 % |
||
|
Same-Property Hotel EBITDA Margin(1)(3) |
29.4 % |
26.7 % |
269 bps |
||
|
Total Portfolio Number of Hotels(4) |
30 |
32 |
(2) |
||
|
Total Portfolio Number of Rooms(4)(6) |
8,868 |
9,515 |
(647) |
||
|
Total Portfolio RevPAR(5) |
$ 192.51 |
$ 185.69 |
3.7 % |
||
|
Adjusted EBITDAre(3) |
$ 79,543 |
$ 68,417 |
16.3 % |
||
|
Adjusted FFO(3) |
$ 57,406 |
$ 53,700 |
6.9 % |
||
|
Adjusted FFO per diluted share(3) |
$ 0.57 |
$ 0.52 |
9.6 % |
||
|
1. |
“Same-Property” includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented. |
|
2. |
Total Revenues per available room for the period presented. |
|
3. |
EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), EBITDA for Real Estate (“EBITDAre”), Adjusted EBITDAre, Funds From Operations (“FFO”), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin. |
|
4. |
As of end of periods presented. |
|
5. |
Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company. |
|
6. |
Five rooms were added to inventory at Grand Hyatt Scottsdale Resort in the first quarter 2025. |
|
Six Months Ended June 30, |
|||||
|
2025 |
2024 |
Change |
|||
|
($ amounts in thousands, except hotel statistics and per share amounts) |
|||||
|
Net income attributable to common stockholders |
$ 70,742 |
$ 23,872 |
196.3 % |
||
|
Net income per share available to common stockholders – basic and diluted |
$ 0.71 |
$ 0.23 |
208.7 % |
||
|
Same-Property Number of Hotels(1) |
30 |
30 |
— |
||
|
Same-Property Number of Rooms(1)(6) |
8,868 |
8,863 |
5 |
||
|
Same-Property Occupancy(1) |
71.0 % |
69.2 % |
180 bps |
||
|
Same-Property Average Daily Rate(1) |
$ 272.88 |
$ 265.64 |
2.7 % |
||
|
Same-Property RevPAR(1) |
$ 193.66 |
$ 183.82 |
5.4 % |
||
|
Same-Property Total RevPAR(1)(2) |
$ 349.85 |
$ 316.07 |
10.7 % |
||
|
Same-Property Hotel EBITDA(1)(3) |
$ 158,477 |
$ 135,874 |
16.6 % |
||
|
Same-Property Hotel EBITDA Margin(1)(3) |
28.2 % |
26.7 % |
157 bps |
||
|
Total Portfolio Number of Hotels(4) |
30 |
32 |
(2) |
||
|
Total Portfolio Number of Rooms(4)(6) |
8,868 |
9,515 |
(647) |
||
|
Total Portfolio RevPAR(5) |
$ 190.59 |
$ 181.28 |
5.1 % |
||
|
Adjusted EBITDAre(3) |
$ 152,485 |
$ 133,668 |
14.1 % |
||
|
Adjusted FFO(3) |
$ 109,466 |
$ 99,198 |
10.4 % |
||
|
Adjusted FFO per diluted share(3) |
$ 1.08 |
$ 0.95 |
13.7 % |
||
|
1. |
“Same-Property” includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented. |
|
2. |
Total Revenues per available room for the period presented. |
|
3. |
EBITDA, EBITDAre, Adjusted EBITDAre, FFO, Adjusted FFO, and Same-Property Hotel EBITDA and Hotel EBITDA Margin are non-GAAP financial measures. See definitions and tables later in this press release for how we define these non-GAAP financial measures and for reconciliations from net income to Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), EBITDA for Real Estate (“EBITDAre”), Adjusted EBITDAre, Funds From Operations (“FFO”), Adjusted FFO, Same-Property Hotel EBITDA and Hotel EBITDA Margin. |
|
4. |
As of end of periods presented. |
|
5. |
Results of all hotels as owned during the periods presented, including the results of hotels sold or acquired for the actual period of ownership by the Company. |
|
6. |
Five rooms were added to inventory at Grand Hyatt Scottsdale Resort in the first quarter 2025. |
Liquidity and Balance Sheet
As of June 30, 2025, the Company had total outstanding debt of approximately $1.4 billion with a weighted-average interest rate of 5.67%. The Company had approximately $173 million of cash and cash equivalents, including hotel working capital, and full availability on its revolving line of credit, resulting in total liquidity of approximately $673 million as of June 30, 2025. In addition, the Company held approximately $78 million of restricted cash and escrows at the end of the second quarter.
Capital Markets
In the quarter, the Company repurchased 2,948,912 shares of common stock at a weighted-average price of $12.10 per share for a total consideration of approximately $35.7 million. Year-to-date, the Company repurchased 5,682,061 shares of common stock at a weighted-average price of $12.58 per share for a total consideration of approximately $71.5 million. The Company currently has $146.4 million in capacity remaining under its repurchase authorization inclusive of the additional $100 million authorized by the Company’s Board of Directors in the second quarter 2025. The Company did not issue any shares of its common stock through its At-The-Market (“ATM”) program in the quarter and had $200 million of remaining availability as of June 30, 2025.
Transactions
As previously disclosed, in April the Company sold the 545-room Fairmont Dallas for $111.0 million, or approximately $203,670 per key. The sale price represented a 8.6x multiple and a 10.0% capitalization rate on the property’s Hotel EBITDA and Net Operating Income for the twelve months ended February 28, 2025, respectively. These transaction price metrics are exclusive of an estimated $80 million of near-term capital expenditures. Net proceeds from the sale will be utilized for general corporate purposes, which may include debt repayments, potential acquisitions consistent with the Company’s strategy, and/or share repurchases under the Company’s existing authorization.
Capital Expenditures
During the three and six months ended June 30, 2025, the Company invested $18.5 million and $50.8 million in portfolio improvements, respectively. These amounts are inclusive of capital expenditures related to the substantial completion of the transformative renovation of Grand Hyatt Scottsdale Resort.
The Company made significant progress in the second quarter on select upgrades to guest rooms at a number of properties including Renaissance Atlanta Waverly Hotel & Convention Center, Marriott San Francisco Airport Waterfront, Hyatt Centric Key West Resort & Spa, Hyatt Regency Santa Clara, Grand Bohemian Hotel Mountain Brook, Grand Bohemian Hotel Charleston and Kimpton RiverPlace Hotel. This work will continue throughout the year and is being done based on hotel seasonality and is expected to result in minimal disruption. Work is expected to commence in the fourth quarter on a limited room renovation at Fairmont Pittsburgh and a renovation of the M Club at Marriott Dallas Downtown.
At Grand Hyatt Scottsdale Resort, the Company began work on improvements to the building façade and parking lot in the second quarter with completion expected in the third quarter. Additionally, the Company continues to perform significant infrastructure upgrades at ten hotels this year, including façade waterproofing, chiller replacements, elevator and escalator modernization projects and fire alarm system upgrades.
Current Full Year 2025 Outlook and Guidance
The Company has updated its full year 2025 outlook. The range below reflects the Company’s limited visibility in forecasting due to macroeconomic uncertainty and is based on the current economic environment and does not take into account any unanticipated impacts to the business or operations. Furthermore, this guidance assumes no additional acquisitions, dispositions, equity issuances, or share and/or senior note repurchases. The Same-Property (30 Hotel) RevPAR change shown includes all hotels owned as of August 1, 2025.
|
Current Full Year 2025 |
Variance to Prior |
||||
|
Low End |
High End |
Low End |
High End |
||
|
($ in millions, except stats and per share data) |
|||||
|
Net Income |
$58 |
$72 |
$15 |
$3 |
|
|
Same-Property (30 Hotel) RevPAR Change (vs. 2024) |
3.50 % |
5.50 % |
1.00 % |
(1.00) % |
|
|
Adjusted EBITDAre |
$249 |
$263 |
$14 |
$2 |
|
|
Adjusted FFO |
$166 |
$180 |
$14 |
$2 |
|
|
Adjusted FFO per Diluted Share |
$1.66 |
$1.80 |
$0.16 |
$0.05 |
|
|
Capital Expenditures |
$75 |
$85 |
$— |
$— |
|
Current full year 2025 guidance is inclusive of the following assumptions:
- Capital expenditures are expected to have minimal disruption to revenues. Final capital expenditures related to the transformative renovation of Grand Hyatt Scottsdale Resort are included in guidance.
- General and administrative expense of approximately $24 million, excluding non-cash share-based compensation – an increase of $1 million from prior guidance
- Interest expense of approximately $81 million, excluding non-cash loan related costs – no change from prior guidance
- Income tax expense of approximately $2 million – no change from prior guidance
- 99.9 million weighted-average diluted shares/units – a decrease of 1.7 million shares/units from prior guidance
Second Quarter 2025 Earnings Call
The Company will conduct its quarterly conference call on Friday, August 1, 2025 at 10:00 AM Eastern Time. To participate in the conference call, please dial (833) 470-1428, access code 728188. Additionally, a live webcast of the conference call will be available through the Company’s website, www.xeniareit.com. A replay of the conference call will be archived and available online through the Investor Relations section of the Company’s website for 90 days.
About Xenia Hotels & Resorts, Inc.
Xenia Hotels & Resorts, Inc. is a self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. The Company owns 30 hotels and resorts comprising 8,868 rooms across 14 states. Xenia’s hotels are in the luxury and upper upscale segments, and are operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection. For more information on Xenia’s business, refer to the Company website at www.xeniareit.com.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements are generally identifiable by use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” “illustrative,” references to “outlook” and “guidance” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include, among others, statements about our strategies or plans, our performance relative to the industry and/or peers, or other future events, the outlook related to macroeconomic factors, our beliefs or expectations relating to our future performance including our 2025 outlook and guidance, results of operations and financial conditions and the timing of renovations and capital expenditures projects and the potential impact on the same due to the imposition of reciprocal and retaliatory tariffs. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic uncertainty and a contraction in the U.S. or global economy or low levels of economic growth; (ii) macroeconomic and other factors beyond our control that can adversely affect and reduce demand for hotel rooms, food and beverage services, and/or meeting facilities, such as wars, global conflicts and geopolitical unrest, changes in trade policy, other political conditions or uncertainty, actual or threatened terrorist or cyber-attacks, mass casualty events, government shutdowns and closures, travel-related health concerns, global outbreaks of pandemics (such as the COVID-19 pandemic) or contagious diseases, or fear of such outbreaks, weather and climate-related events, such as hurricanes, tornadoes, floods, wildfires, and droughts, and natural or man-made disasters; (iii) inflation and inflationary pressures which increases labor costs and other costs of providing services to guests and complying with hotel brand standards, as well as costs related to construction and other capital expenditures including increased costs due to the imposition of tariffs on imported goods, property and other taxes, and insurance costs which could result in reduced operating profit margins; (iv) bank failures and concerns over a potential domestic and/or global recession; (v) the Company’s dependence on third-party managers of its hotels, including its inability to directly implement strategic operational business decisions; (vi) risks associated with the hotel industry, including competition, increases in wages and benefits, energy costs and other operating costs, cyber incidents, information technology failures, downturns in general and local economic conditions, prolonged periods of civil unrest in our markets, and disruption caused by cancellation of or delays in the completion of anticipated demand generators; (vii) the availability and terms of financing and capital and the general volatility of securities markets; (viii) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws; (ix) interest rate changes; (x) ability to successfully negotiate amendments and covenant waivers with its unsecured and secured indebtedness; (xi) the Company’s ability to comply with covenants, restrictions, and limitations in any existing or revised loan agreements with our unsecured and secured lenders; (xii) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs; (xiii) the possibility of uninsured or underinsured losses, including those relating to natural disasters, terrorism, government shutdowns and closures, civil unrest, or cyber incidents; (xiv) risks associated with redevelopment and repositioning projects, including disruption, delays and cost overruns; (xv) levels of spending in business and leisure segments as well as consumer confidence; (xvi) declines in occupancy and average daily rate; (xvii) the seasonal and cyclical nature of the real estate and hospitality businesses; (xviii) changes in distribution arrangements, such as through online travel intermediaries; (xix) relationships with labor unions and changes in labor laws, including increases to minimum wages and/or work rule requirements; (xx) the impact of changes in the tax code and uncertainty as to how some of those changes may be applied; (xxi) monthly cash expenditures and the uncertainty around predictions; (xxii) labor shortages; (xxiii) disruptions in supply chains resulting in delays or inability to procure required products; and (xiv) the risk factors discussed in the Company’s Annual Report on Form 10-K, as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company’s expectations will be realized. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.xeniareit.com.
All information in this press release is as of the date of its release. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.
Availability of Information on Xenia’s Website
Investors and others should note that Xenia routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts, and the Investor Relations section of Xenia’s website. While not all the information that the Company posts to the Xenia website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Xenia to review the information that it shares at the Investor Relations link located on www.xeniareit.com. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting “Investor Email Alerts” in the “Corporate Overview” section of Xenia’s Investor Relations website at www.xeniareit.com.
Contact:
Atish Shah, Executive Vice President and Chief Financial Officer, Xenia Hotels & Resorts, (407) 246-8100
For additional information or to receive press releases via email, please visit our website at www.xeniareit.com.
|
Xenia Hotels & Resorts, Inc. |
|||
|
June 30, 2025 |
December 31, 2024 |
||
|
Assets: |
(Unaudited) |
||
|
Investment properties: |
|||
|
Land |
$ 472,648 |
$ 455,907 |
|
|
Buildings and other improvements |
3,140,539 |
3,188,885 |
|
|
Total |
$ 3,613,187 |
$ 3,644,792 |
|
|
Less: accumulated depreciation |
(1,088,910) |
(1,053,971) |
|
|
Net investment properties |
$ 2,524,277 |
$ 2,590,821 |
|
|
Cash and cash equivalents |
172,609 |
78,201 |
|
|
Restricted cash and escrows |
78,384 |
65,381 |
|
|
Accounts and rents receivable, net of allowance for doubtful accounts |
35,592 |
25,758 |
|
|
Intangible assets, net of accumulated amortization |
4,853 |
4,856 |
|
|
Deferred tax assets |
5,171 |
5,345 |
|
|
Other assets |
54,201 |
61,254 |
|
|
Total assets |
$ 2,875,087 |
$ 2,831,616 |
|
|
Liabilities: |
|||
|
Debt, net of loan premiums, discounts and unamortized deferred financing costs |
$ 1,423,681 |
$ 1,334,703 |
|
|
Accounts payable and accrued expenses |
96,683 |
102,896 |
|
|
Distributions payable |
13,994 |
12,566 |
|
|
Other liabilities |
78,780 |
101,118 |
|
|
Total liabilities |
$ 1,613,138 |
$ 1,551,283 |
|
|
Commitments and Contingencies |
|||
|
Stockholders’ equity: |
|||
|
Common stock, $0.01 par value, 500,000,000 shares authorized, 95,780,393 and 101,310,135 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively |
$ 958 |
$ 1,013 |
|
|
Additional paid in capital |
1,851,433 |
1,921,006 |
|
|
Accumulated other comprehensive income |
274 |
925 |
|
|
Accumulated distributions in excess of net earnings |
(636,480) |
(679,841) |
|
|
Total Company stockholders’ equity |
$ 1,216,185 |
$ 1,243,103 |
|
|
Non-controlling interests |
45,764 |
37,230 |
|
|
Total equity |
$ 1,261,949 |
$ 1,280,333 |
|
|
Total liabilities and equity |
$ 2,875,087 |
$ 2,831,616 |
|
|
Xenia Hotels & Resorts, Inc. |
|||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
Revenues: |
|||||||
|
Rooms revenues |
$ 158,497 |
$ 160,786 |
$ 318,363 |
$ 313,910 |
|||
|
Food and beverage revenues |
102,186 |
89,080 |
206,885 |
181,853 |
|||
|
Other revenues |
26,896 |
23,038 |
51,258 |
44,629 |
|||
|
Total revenues |
$ 287,579 |
$ 272,904 |
$ 576,506 |
$ 540,392 |
|||
|
Expenses: |
|||||||
|
Rooms expenses |
39,156 |
39,028 |
78,478 |
77,221 |
|||
|
Food and beverage expenses |
65,626 |
60,634 |
132,153 |
121,114 |
|||
|
Other direct expenses |
7,338 |
6,757 |
14,059 |
12,844 |
|||
|
Other indirect expenses |
68,674 |
69,749 |
139,687 |
137,382 |
|||
|
Management and franchise fees |
10,156 |
9,651 |
22,120 |
20,284 |
|||
|
Total hotel operating expenses |
$ 190,950 |
$ 185,819 |
$ 386,497 |
$ 368,845 |
|||
|
Depreciation and amortization |
32,631 |
31,823 |
65,823 |
63,787 |
|||
|
Real estate taxes, personal property taxes and insurance |
11,928 |
13,340 |
25,657 |
26,833 |
|||
|
Ground lease expense |
527 |
837 |
1,358 |
1,623 |
|||
|
General and administrative expenses |
10,822 |
10,341 |
19,733 |
20,599 |
|||
|
Gain on business interruption insurance |
— |
— |
— |
(745) |
|||
|
Other operating expenses |
224 |
377 |
1,077 |
1,207 |
|||
|
Impairment and other losses |
279 |
100 |
279 |
350 |
|||
|
Total expenses |
$ 247,361 |
$ 242,637 |
$ 500,424 |
$ 482,499 |
|||
|
Operating income |
$ 40,218 |
$ 30,267 |
$ 76,082 |
$ 57,893 |
|||
|
Gain on sale of investment properties |
39,953 |
— |
39,953 |
— |
|||
|
Other income |
1,695 |
1,945 |
4,259 |
4,372 |
|||
|
Interest expense |
(21,926) |
(20,245) |
(42,977) |
(40,603) |
|||
|
Net income before income taxes |
$ 59,940 |
$ 11,967 |
$ 77,317 |
$ 21,662 |
|||
|
Income tax (expense) benefit |
(1,379) |
4,146 |
(2,249) |
3,418 |
|||
|
Net income |
$ 58,561 |
$ 16,113 |
$ 75,068 |
$ 25,080 |
|||
|
Net income attributable to non-controlling interests |
(3,404) |
(775) |
(4,326) |
(1,208) |
|||
|
Net income attributable to common stockholders |
$ 55,157 |
$ 15,338 |
$ 70,742 |
$ 23,872 |
|||
|
Xenia Hotels & Resorts, Inc. |
|||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
Basic and diluted income per share: |
|||||||
|
Net income per share available to common stockholders – basic and diluted |
$ 0.56 |
$ 0.15 |
$ 0.71 |
$ 0.23 |
|||
|
Weighted-average number of common shares (basic) |
97,690,231 |
101,963,677 |
99,171,413 |
101,961,559 |
|||
|
Weighted-average number of common shares (diluted) |
98,082,028 |
102,348,982 |
99,592,741 |
102,357,116 |
|||
|
Comprehensive income: |
|||||||
|
Net income |
$ 58,561 |
$ 16,113 |
$ 75,068 |
$ 25,080 |
|||
|
Other comprehensive income: |
|||||||
|
Unrealized gain (loss) on interest rate derivative instruments |
(14) |
694 |
(238) |
2,953 |
|||
|
Reclassification adjustment for amounts recognized in net income (interest expense) |
(153) |
(1,128) |
(438) |
(2,260) |
|||
|
$ 58,394 |
$ 15,679 |
$ 74,392 |
$ 25,773 |
||||
|
Comprehensive income attributable to non-controlling interests |
(3,395) |
(754) |
(4,301) |
(1,272) |
|||
|
Comprehensive income attributable to the Company |
$ 54,999 |
$ 14,925 |
$ 70,091 |
$ 24,501 |
|||
Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of its operating performance: EBITDA, EBITDAre, Adjusted EBITDAre, Same-Property Hotel EBITDA, Same-Property Hotel EBITDA Margin, FFO, Adjusted FFO, and Adjusted FFO per diluted share. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss, operating profit, cash from operations, or any other operating performance measure as prescribed per GAAP.
EBITDA, EBITDAre and Adjusted EBITDAre
EBITDA is a commonly used measure of performance in many industries and is defined as net income or loss (calculated in accordance with GAAP) excluding interest expense, provision for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization. The Company considers EBITDA useful to investors in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results, even though EBITDA does not represent an amount that accrues directly to common stockholders. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions and, along with FFO and Adjusted FFO, is used by management in the annual budget process for compensation programs.
The Company calculates EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines EBITDAre as EBITDA plus or minus losses and gains on the disposition of depreciated property, including gains or losses on change of control, plus impairments of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
The Company further adjusts EBITDAre to exclude the impact of non-controlling interests in consolidated entities other than its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company also adjusts EBITDAre for certain additional items such as depreciation and amortization related to corporate assets, terminated transaction and pre-opening expenses, amortization of share-based compensation, non-cash ground rent and straight-line rent expense, the cumulative effect of changes in accounting principles, and other costs it believes do not represent recurring operations and are not indicative of the performance of its underlying hotel property entities. The Company believes it is meaningful for investors to understand Adjusted EBITDAre attributable to all common stock and unit holders. The Company believes Adjusted EBITDAre attributable to common stock and unit holders provides investors with another useful financial measure in evaluating and facilitating comparison of operating performance between periods and between REITs that report similar measures.
Same-Property Hotel EBITDA and Same-Property Hotel EBITDA Margin
Same-Property hotel data includes the actual operating results for all hotels owned as of the end of the reporting period. The Company then adjusts the Same-Property hotel data for comparability purposes by including pre-acquisition operating results of asset(s) acquired during the period, which provides investors a basis for understanding the acquisition(s) historical operating trends and seasonality. The pre-acquisition operating results for the comparable period are obtained from the seller and/or manager of the hotel(s) during the acquisition due diligence process and have not been audited or reviewed by our independent auditors. The Company further adjusts the Same-Property hotel data to remove dispositions during the respective reporting periods, and, in certain cases, hotels that are not fully open due to significant renovation, re-positioning, or disruption or whose room counts have materially changed during either the current or prior year as these historical operating results are not indicative of or expected to be comparable to the operating performance of the hotel portfolio on a prospective basis.
Same-Property Hotel EBITDA represents net income or loss excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate-level costs and expenses, (5) terminated transaction and pre-opening expenses, and (6) certain state and local excise taxes resulting from ownership structure. The Company believes that Same-Property Hotel EBITDA provides investors a useful financial measure to evaluate hotel operating performance excluding the impact of capital structure (primarily interest expense), asset base (primarily depreciation and amortization), income taxes, and corporate-level expenses (corporate expenses and terminated transaction costs). The Company believes property-level results provide investors with supplemental information on the ongoing operational performance of its hotels and the effectiveness of third-party management companies that operate our business on a property-level basis. Same-Property Hotel EBITDA Margin is calculated by dividing Same-Property Hotel EBITDA by Same-Property Total Revenues.
As a result of these adjustments the Same-Property hotel data presented does not represent the Company’s total revenues, expenses, operating profit or net income and should not be used to evaluate performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of operating performance. Our consolidated statements of operations and comprehensive income include such amounts, all of which should be considered by investors when evaluating our performance.
We include Same-Property hotel data as supplemental information for investors. Management believes that providing Same-Property hotel data is useful to investors because it represents comparable operations for our portfolio as it exists at the end of the respective reporting periods presented, which allows investors and management to evaluate the period-to-period performance of our hotels and facilitates comparisons with other hotel REITs and hotel owners. In particular, these measures assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at Same-Property hotels or from other factors, such as the effect of acquisitions or dispositions.
FFO and Adjusted FFO
The Company calculates FFO in accordance with standards established by Nareit, as amended in the 2018 Restatement White Paper, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding real estate-related depreciation, amortization and impairments, gains or losses from sales of real estate, the cumulative effect of changes in accounting principles, similar adjustments for unconsolidated partnerships and consolidated variable interest entities, and items classified by GAAP as extraordinary. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The Company believes that the presentation of FFO provides useful supplemental information to investors regarding operating performance by excluding the effect of real estate depreciation and amortization, gains or losses from sales for real estate, impairments of real estate assets, extraordinary items and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance. The Company believes that the presentation of FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders. The calculation of FFO may not be comparable to measures calculated by other companies who do not use the Nareit definition of FFO or do not calculate FFO per diluted share in accordance with Nareit guidance. Additionally, FFO may not be helpful when comparing Xenia to non-REITs. The Company presents FFO attributable to common stock and unit holders, which includes its Operating Partnership Units because its Operating Partnership Units may be redeemed for common stock. The Company believes it is meaningful for investors to understand FFO attributable to common stock and unit holders.
The Company further adjusts FFO for certain additional items that are not in Nareit’s definition of FFO such as terminated transaction and pre-opening expenses, amortization of debt origination costs and share-based compensation, non-cash ground rent and straight-line rent expense, and other items we believe do not represent recurring operations. The Company believes that Adjusted FFO provides investors with useful supplemental information that may facilitate comparisons of ongoing operating performance between periods and between REITs that make similar adjustments to FFO and is beneficial to investors’ complete understanding of our operating performance.
Adjusted FFO per diluted share
The diluted weighted-average common share count used for the calculation of Adjusted FFO per diluted share differs from diluted weighted-average common share count used to derive net income or loss per share available to common stockholders. The Company calculates Adjusted FFO per diluted share by dividing the Adjusted FFO by the diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units. Any anti-dilutive securities are excluded from the diluted earnings per share calculation.
|
Xenia Hotels & Resorts, Inc. |
|||
|
Three Months Ended June 30, |
|||
|
2025 |
2024 |
||
|
Net income |
$ 58,561 |
$ 16,113 |
|
|
Adjustments: |
|||
|
Interest expense |
21,926 |
20,245 |
|
|
Income tax expense (benefit) |
1,379 |
(4,146) |
|
|
Depreciation and amortization |
32,631 |
31,823 |
|
|
EBITDA |
$ 114,497 |
$ 64,035 |
|
|
Impairment of investment properties |
279 |
— |
|
|
Gain on sale of investment properties |
(39,953) |
— |
|
|
EBITDAre |
$ 74,823 |
$ 64,035 |
|
|
Reconciliation to Adjusted EBITDAre |
|||
|
Depreciation and amortization related to corporate assets |
$ (44) |
$ (83) |
|
|
Gain on insurance recoveries(1) |
— |
(437) |
|
|
Amortization of share-based compensation expense |
4,579 |
4,675 |
|
|
Non-cash ground rent and straight-line rent expense |
2 |
(129) |
|
|
Other non-recurring expenses(2) |
183 |
356 |
|
|
Adjusted EBITDAre attributable to common stock and unit holders |
$ 79,543 |
$ 68,417 |
|
|
Corporate-level costs and expenses |
5,416 |
5,284 |
|
|
Pro forma hotel adjustments, net(3) |
(932) |
(4,954) |
|
|
Same-Property Hotel EBITDA attributable to common stock and unit holders(4) |
$ 84,027 |
$ 68,747 |
|
|
1. |
During the three months ended June 30, 2024, the Company recorded $0.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the period then ended. |
|
2. |
During the three months ended June 30, 2024, the Company recognized $0.3 million of pre-opening expenses and recognized $0.1 million of repair and clean up costs related to damage sustained at one property. |
|
3. |
Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented. |
|
4. |
See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the three months ended June 30, 2025 and 2024 on page 20. |
|
Xenia Hotels & Resorts, Inc. |
|||
|
Six Months Ended June 30, |
|||
|
2025 |
2024 |
||
|
Net income |
$ 75,068 |
$ 25,080 |
|
|
Adjustments: |
|||
|
Interest expense |
42,977 |
40,603 |
|
|
Income tax expense (benefit) |
2,249 |
(3,418) |
|
|
Depreciation and amortization |
65,823 |
63,787 |
|
|
EBITDA |
$ 186,117 |
$ 126,052 |
|
|
Impairment of investment properties |
279 |
— |
|
|
Gain on sale of investment properties |
(39,953) |
— |
|
|
EBITDAre |
$ 146,443 |
$ 126,052 |
|
|
Reconciliation to Adjusted EBITDAre |
|||
|
Depreciation and amortization related to corporate assets |
$ (127) |
$ (163) |
|
|
Gain on insurance recoveries(1) |
(548) |
(1,447) |
|
|
Amortization of share-based compensation expense |
7,205 |
8,572 |
|
|
Non-cash ground rent and straight-line rent expense |
(11) |
(267) |
|
|
Other non-recurring expenses(2) |
(477) |
921 |
|
|
Adjusted EBITDAre attributable to common stock and unit holders |
$ 152,485 |
$ 133,668 |
|
|
Corporate-level costs and expenses |
11,747 |
11,777 |
|
|
Pro forma hotel level adjustments, net(3) |
(5,755) |
(9,571) |
|
|
Same-Property Hotel EBITDA attributable to common stock and unit holders(4) |
$ 158,477 |
$ 135,874 |
|
|
1. |
During the six months ended June 30, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to casualty losses at one property. During the six months ended June 30, 2024, the Company recorded $1.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended. |
|
2. |
During the six months ended June 30, 2025, the Company purchased the land associated with a ground lease resulting in the recognition of a $1.1 million net gain related to the write off of the associated right-of-use asset and lease liability and recognized $0.5 million of pre-opening expenses. During the six months ended June 30, 2024, the Company recognized $0.6 million of pre-opening expenses and recognized $0.3 million of repair and clean up costs related to damage sustained at one property. |
|
3. |
Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented. |
|
4. |
See the reconciliation of Total Revenues and Total Hotel Operating Expenses on a consolidated GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses and the calculation of Same-Property Hotel EBITDA and Hotel EBITDA Margin for the six months ended June 30, 2025 and 2024 on page 20. |
|
Xenia Hotels & Resorts, Inc. |
|||
|
Three Months Ended June 30, |
|||
|
2025 |
2024 |
||
|
Net income |
$ 58,561 |
$ 16,113 |
|
|
Adjustments: |
|||
|
Depreciation and amortization related to investment properties |
32,587 |
31,740 |
|
|
Impairment of investment properties |
279 |
— |
|
|
Gain on sale of investment properties |
(39,953) |
— |
|
|
FFO attributable to common stock and unit holders |
$ 51,474 |
$ 47,853 |
|
|
Reconciliation to Adjusted FFO |
|||
|
Gain on insurance recoveries(1) |
— |
(437) |
|
|
Loan related costs, net of adjustment related to non-controlling interests(2) |
1,168 |
1,382 |
|
|
Amortization of share-based compensation expense |
4,579 |
4,675 |
|
|
Non-cash ground rent and straight-line rent expense |
2 |
(129) |
|
|
Other non-recurring expenses(3) |
183 |
356 |
|
|
Adjusted FFO attributable to common stock and unit holders |
$ 57,406 |
$ 53,700 |
|
|
Weighted-average shares outstanding – Diluted(4) |
100,088 |
104,062 |
|
|
Adjusted FFO per diluted share |
$ 0.57 |
$ 0.52 |
|
|
1. |
During the three months ended June 30, 2024, the Company recorded $0.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the period then ended. |
|
2. |
Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs. |
|
3. |
During the three months ended June 30, 2024, the Company recognized $0.3 million of pre-opening expenses and recognized $0.1 million of repair and clean up costs related to damage sustained at one property. |
|
4. |
Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands. |
|
Xenia Hotels & Resorts, Inc. |
|||
|
Six Months Ended June 30, |
|||
|
2025 |
2024 |
||
|
Net income |
$ 75,068 |
$ 25,080 |
|
|
Adjustments: |
|||
|
Depreciation and amortization related to investment properties |
65,696 |
63,624 |
|
|
Impairment of investment properties |
279 |
— |
|
|
Gain on sale of investment properties |
(39,953) |
— |
|
|
FFO attributable to common stock and unit holders |
$ 101,090 |
$ 88,704 |
|
|
Reconciliation to Adjusted FFO |
|||
|
Gain on insurance recoveries(1) |
(548) |
(1,447) |
|
|
Loan related costs, net of adjustment related to non-controlling interests(2) |
2,207 |
2,715 |
|
|
Amortization of share-based compensation expense |
7,205 |
8,572 |
|
|
Non-cash ground rent and straight-line rent expense |
(11) |
(267) |
|
|
Other non-recurring expenses(3) |
(477) |
921 |
|
|
Adjusted FFO attributable to common stock and unit holders |
$ 109,466 |
$ 99,198 |
|
|
Weighted-average shares outstanding – Diluted(4) |
101,539 |
104,034 |
|
|
Adjusted FFO per diluted share |
$ 1.08 |
$ 0.95 |
|
|
1. |
During the six months ended June 30, 2025, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to casualty losses at one property. During the six months ended June 30, 2024, the Company recorded $1.4 million of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income for the periods then ended. |
|
2. |
Loan related costs include amortization of debt premiums, discounts and deferred loan origination costs. |
|
3. |
During the six months ended June 30, 2025, the Company purchased the land associated with a ground lease resulting in the recognition of a $1.1 million net gain related to the write off of the associated right-of-use asset and lease liability and recognized $0.5 million of pre-opening expenses. During the six months ended June 30, 2024, the Company recognized $0.6 million of pre-opening expenses and recognized $0.3 million of repair and clean up costs related to damage sustained at one property. |
|
4. |
Diluted weighted-average number of shares of common stock outstanding plus the weighted-average vested Operating Partnership Units for the respective periods presented in thousands. |
|
Xenia Hotels & Resorts, Inc. |
|
|
Guidance |
|
|
Full Year |
|
|
Net income |
$ 65 |
|
Adjustments: |
|
|
Interest expense(1) |
86 |
|
Income tax expense |
2 |
|
Depreciation and amortization |
131 |
|
EBITDA |
$ 284 |
|
Gain on sale of investment property |
(40) |
|
EBITDAre |
$ 244 |
|
Amortization of share-based compensation expense |
14 |
|
Other(2) |
(2) |
|
Adjusted EBITDAre |
$ 256 |
|
Reconciliation of Net Income to Adjusted FFO |
|
|
Guidance |
|
|
Full Year |
|
|
Net income |
$ 65 |
|
Adjustments: |
|
|
Depreciation and amortization related to investment properties |
131 |
|
Gain on sale of investment property |
(40) |
|
FFO |
$ 156 |
|
Amortization of share-based compensation expense |
14 |
|
Other(1)(2) |
3 |
|
Adjusted FFO |
$ 173 |
|
1. |
Includes non-cash loan amortization costs. |
|
2. |
Includes below market ground rent and net gain on write-off of lease liability and right-of-use asset. |
|
Xenia Hotels & Resorts, Inc. |
|||||||
|
Rate Type |
Rate(1) |
Maturity Date |
Outstanding as |
||||
|
Mortgage Loans |
|||||||
|
Grand Bohemian Hotel Orlando, Autograph Collection |
Fixed |
4.53 % |
March 2026 |
$ 52,677 |
|||
|
Marriott San Francisco Airport Waterfront |
Fixed |
4.63 % |
May 2027 |
104,865 |
|||
|
Andaz Napa |
Fixed(2) |
5.72 % |
January 2028 |
54,582 |
|||
|
Total Mortgage Loans |
4.88 % |
(3) |
$ 212,124 |
||||
|
Corporate Credit Facilities |
|||||||
|
Corporate Credit Facility Term Loan |
Variable(4) |
6.23 % |
November 2028 |
$ 225,000 |
|||
|
Corporate Credit Facility Term Loan |
Variable(4) |
6.23 % |
November 2028 |
100,000 |
|||
|
Revolving Credit Facility |
Variable(5) |
6.23 % |
November 2028 |
— |
|||
|
Total Corporate Credit Facilities |
$ 325,000 |
||||||
|
2029 Senior Notes $500M |
Fixed |
4.88 % |
June 2029 |
500,000 |
|||
|
2030 Senior Notes $400M |
Fixed |
6.63 % |
May 2030 |
400,000 |
|||
|
Loan premiums, discounts and unamortized deferred financing costs, net(6) |
(13,443) |
||||||
|
Total Debt, net of loan premiums, discounts and unamortized deferred financing costs |
5.67 % |
(3) |
$ 1,423,681 |
||||
|
1. |
Represents annual interest rates. |
|
2. |
A variable interest loan for which SOFR has been fixed through January 1, 2027, after which the rate reverts to variable. |
|
3. |
Weighted-average interest rate. |
|
4. |
A variable interest loan for which the credit spread may vary, as it is determined by the Company’s leverage ratio. |
|
5. |
The Revolving Credit Facility has a total capacity of $500 million. The spread to SOFR may vary, as it is determined by the Company’s leverage ratio. |
|
6. |
Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. |
|
Xenia Hotels & Resorts, Inc. |
||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
|
2025 |
2024 |
Change |
2025 |
2024 |
Change |
|||||||
|
Same-Property Occupancy(1) |
72.3 % |
70.9 % |
140 bps |
71.0 % |
69.2 % |
180 bps |
||||||
|
Same-Property Average Daily Rate(1) |
$ 270.42 |
$ 265.16 |
2.0 % |
$ 272.88 |
$ 265.64 |
2.7 % |
||||||
|
Same-Property RevPAR(1) |
$ 195.51 |
$ 187.95 |
4.0 % |
$ 193.66 |
$ 183.82 |
5.4 % |
||||||
|
Same-Property Revenues(1): |
||||||||||||
|
Rooms revenues |
$ 157,771 |
$ 151,585 |
4.1 % |
$ 310,830 |
$ 296,501 |
4.8 % |
||||||
|
Food and beverage revenues |
101,476 |
83,957 |
20.9 % |
200,342 |
170,450 |
17.5 % |
||||||
|
Other revenues |
26,834 |
22,100 |
21.4 % |
50,344 |
42,872 |
17.4 % |
||||||
|
Total Same-Property revenues |
$ 286,081 |
$ 257,642 |
11.0 % |
$ 561,516 |
$ 509,823 |
10.1 % |
||||||
|
Same-Property Expenses(1): |
||||||||||||
|
Rooms expenses |
$ 39,064 |
$ 36,635 |
6.6 % |
$ 76,617 |
$ 72,490 |
5.7 % |
||||||
|
Food and beverage expenses |
65,354 |
57,906 |
12.9 % |
129,279 |
115,356 |
12.1 % |
||||||
|
Other direct expenses |
7,337 |
6,566 |
11.7 % |
14,059 |
12,435 |
13.1 % |
||||||
|
Other indirect expenses |
67,820 |
64,889 |
4.5 % |
135,149 |
127,702 |
5.8 % |
||||||
|
Management and franchise fees |
10,049 |
9,235 |
8.8 % |
21,649 |
19,456 |
11.3 % |
||||||
|
Real estate taxes, personal property taxes and insurance |
11,898 |
12,814 |
(7.1) % |
24,910 |
25,606 |
(2.7) % |
||||||
|
Ground lease expense |
532 |
850 |
(37.4) % |
1,376 |
1,649 |
(16.6) % |
||||||
|
Gain on business interruption insurance |
— |
— |
— % |
— |
(745) |
(100.0) % |
||||||
|
Total Same-Property hotel operating expenses |
$ 202,054 |
$ 188,895 |
7.0 % |
$ 403,039 |
$ 373,949 |
7.8 % |
||||||
|
Same-Property Hotel EBITDA(1) |
$ 84,027 |
$ 68,747 |
22.2 % |
$ 158,477 |
$ 135,874 |
16.6 % |
||||||
|
Same-Property Hotel EBITDA Margin(1) |
29.4 % |
26.7 % |
269 bps |
28.2 % |
26.7 % |
157 bps |
||||||
|
1. |
“Same-Property” includes all properties owned as of June 30, 2025 and includes renovation disruption for multiple capital projects during the periods presented. The following is a reconciliation of Total Revenues and Total Hotel Operating Expenses consolidated on a GAAP basis to Total Same-Property Revenues and Total Same-Property Hotel Operating Expenses for the three and six months ended June 30, 2025 and 2024. |
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
Total Revenues – GAAP |
$ 287,579 |
$ 272,904 |
$ 576,506 |
$ 540,392 |
||||
|
Pro forma hotel level adjustments(a) |
(1,498) |
(15,262) |
(14,990) |
(30,569) |
||||
|
Total Same-Property Revenues |
$ 286,081 |
$ 257,642 |
$ 561,516 |
$ 509,823 |
||||
|
Total Hotel Operating Expenses – GAAP |
$ 190,950 |
$ 185,819 |
$ 386,497 |
$ 368,845 |
||||
|
Real estate taxes, personal property taxes and insurance |
11,928 |
13,340 |
25,657 |
26,833 |
||||
|
Ground lease expense, net(b) |
532 |
850 |
1,376 |
1,649 |
||||
|
Other income |
(4) |
(361) |
(12) |
(686) |
||||
|
Gain on business interruption insurance |
— |
— |
— |
(745) |
||||
|
Corporate-level costs and expenses |
(603) |
(453) |
(1,062) |
(965) |
||||
|
Pro forma hotel level adjustments, net(a) |
(749) |
(10,300) |
(9,417) |
(20,982) |
||||
|
Total Same-Property Hotel Operating Expenses |
$ 202,054 |
$ 188,895 |
$ 403,039 |
$ 373,949 |
||||
|
a. |
Includes adjustments for revenues and expenses from hotels that were acquired or sold during the periods presented. |
|
b. |
Excludes non-cash ground rent expense. |
|
Xenia Hotels & Resorts, Inc. |
||||||||||
|
2025 |
First |
Second |
Third |
Fourth |
Full Year |
|||||
|
Occupancy |
69.6 % |
72.3 % |
||||||||
|
ADR |
$ 275.47 |
$ 270.42 |
||||||||
|
RevPAR |
$ 191.80 |
$ 195.51 |
||||||||
|
Hotel Revenues |
$ 275,435 |
$ 286,081 |
||||||||
|
Hotel EBITDA |
$ 74,450 |
$ 84,027 |
||||||||
|
Hotel EBITDA Margin |
27.0 % |
29.4 % |
||||||||
|
2024 |
First |
Second |
Third |
Fourth |
Full Year |
|||||
|
Occupancy |
67.5 % |
70.9 % |
67.3 % |
64.8 % |
67.6 % |
|||||
|
ADR |
$ 266.14 |
$ 265.16 |
$ 244.24 |
$ 260.43 |
$ 259.03 |
|||||
|
RevPAR |
$ 179.70 |
$ 187.95 |
$ 164.44 |
$ 168.81 |
$ 175.18 |
|||||
|
Hotel Revenues |
$ 252,181 |
$ 257,642 |
$ 227,812 |
$ 248,855 |
$ 986,490 |
|||||
|
Hotel EBITDA |
$ 67,127 |
$ 68,747 |
$ 46,617 |
$ 59,197 |
$ 241,688 |
|||||
|
Hotel EBITDA Margin |
26.6 % |
26.7 % |
20.5 % |
23.8 % |
24.5 % |
|||||
|
1. |
“Same-Property” includes all hotels owned as of June 30, 2025 and also includes disruption from multiple capital projects during the periods presented. |
|
Xenia Hotels & Resorts, Inc. |
||||||
|
Market(2) |
% of 2024 |
Number of |
Number of |
|||
|
Houston, TX |
17 % |
3 |
1,223 |
|||
|
Orlando, FL |
17 % |
2 |
1,027 |
|||
|
San Diego, CA |
8 % |
2 |
486 |
|||
|
Atlanta, GA |
8 % |
2 |
649 |
|||
|
Nashville, TN |
6 % |
1 |
346 |
|||
|
San Francisco/San Mateo, CA |
5 % |
1 |
688 |
|||
|
Florida Keys, FL |
5 % |
1 |
120 |
|||
|
Dallas, TX |
4 % |
1 |
416 |
|||
|
Portland, OR |
4 % |
2 |
685 |
|||
|
Washington, DC-MD-VA |
3 % |
1 |
365 |
|||
|
San Jose/Santa Cruz, CA |
3 % |
1 |
505 |
|||
|
Phoenix, AZ |
3 % |
2 |
615 |
|||
|
Savannah, GA |
2 % |
2 |
226 |
|||
|
California Wine Country, CA |
2 % |
1 |
141 |
|||
|
California Central Coast, CA |
2 % |
1 |
97 |
|||
|
Pittsburgh, PA |
2 % |
1 |
185 |
|||
|
Birmingham, AL |
2 % |
1 |
99 |
|||
|
Denver, CO |
2 % |
1 |
205 |
|||
|
Salt Lake City/Ogden, UT |
2 % |
1 |
225 |
|||
|
Philadelphia, PA |
1 % |
1 |
230 |
|||
|
Louisiana South, LA |
1 % |
1 |
285 |
|||
|
Charleston, SC |
1 % |
1 |
50 |
|||
|
Same-Property Portfolio(1) |
100 % |
30 |
8,868 |
|||
|
1. |
“Same-Property” includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the period presented. |
|
2. |
As defined by STR, Inc. |
|
3. |
Hotel EBITDA, Same-Property Hotel EBITDA, and Hotel EBITDA Margin are non-GAAP financial measures. See definitions earlier in this press release for how we define these non-GAAP financial measures. |
|
4. |
As of June 30, 2025. |
|
5. |
Five rooms were added to inventory at Grand Hyatt Scottsdale Resort in the first quarter 2025. |
|
Xenia Hotels & Resorts, Inc. |
|||||||||
|
Three Months Ended |
Three Months Ended |
||||||||
|
June 30, 2025 |
June 30, 2024 |
% Change |
|||||||
|
Market(2) |
Occupancy |
ADR |
RevPAR |
Occupancy |
ADR |
RevPAR |
RevPAR |
||
|
Houston, TX |
64.9 % |
$ 231.64 |
$ 150.36 |
69.3 % |
$ 227.68 |
$ 157.89 |
(4.8) % |
||
|
Orlando, FL |
82.8 % |
226.44 |
187.44 |
79.1 % |
222.22 |
175.88 |
6.6 % |
||
|
San Diego, CA |
68.9 % |
367.01 |
253.01 |
69.1 % |
347.00 |
239.66 |
5.6 % |
||
|
Atlanta, GA |
72.1 % |
251.89 |
181.58 |
74.9 % |
242.35 |
181.52 |
— % |
||
|
Nashville, TN |
75.8 % |
367.81 |
278.84 |
73.0 % |
401.42 |
293.03 |
(4.8) % |
||
|
San Francisco/San Mateo, CA |
81.8 % |
219.10 |
179.25 |
79.3 % |
209.95 |
166.42 |
7.7 % |
||
|
Florida Keys, FL |
87.2 % |
502.62 |
438.23 |
80.1 % |
531.09 |
425.45 |
3.0 % |
||
|
Dallas, TX |
66.0 % |
216.08 |
142.57 |
80.3 % |
203.52 |
163.34 |
(12.7) % |
||
|
Portland, OR |
66.8 % |
186.15 |
124.33 |
69.6 % |
205.20 |
142.88 |
(13.0) % |
||
|
Washington, DC-MD-VA |
72.6 % |
320.02 |
232.21 |
74.7 % |
305.99 |
228.68 |
1.5 % |
||
|
San Jose/Santa Cruz, CA |
63.4 % |
241.69 |
153.28 |
57.9 % |
245.53 |
142.16 |
7.8 % |
||
|
Phoenix, AZ |
62.3 % |
347.46 |
216.57 |
36.8 % |
352.20 |
129.76 |
66.9 % |
||
|
Savannah, GA |
89.6 % |
254.10 |
227.65 |
85.6 % |
274.63 |
235.17 |
(3.2) % |
||
|
California Wine Country, CA |
77.9 % |
442.62 |
344.83 |
76.9 % |
434.39 |
333.95 |
3.3 % |
||
|
California Central Coast, CA |
80.7 % |
476.31 |
384.52 |
77.3 % |
452.18 |
349.47 |
10.0 % |
||
|
Pittsburgh, PA |
80.9 % |
325.82 |
263.70 |
75.4 % |
274.31 |
206.81 |
27.5 % |
||
|
Birmingham, AL |
79.6 % |
359.26 |
286.08 |
81.0 % |
363.55 |
294.34 |
(2.8) % |
||
|
Denver, CO |
73.8 % |
379.19 |
279.82 |
73.1 % |
387.05 |
283.08 |
(1.2) % |
||
|
Salt Lake City/Ogden, UT |
71.3 % |
212.12 |
151.33 |
76.2 % |
204.34 |
155.71 |
(2.8) % |
||
|
Philadelphia, PA |
81.1 % |
232.05 |
188.08 |
75.7 % |
242.06 |
183.21 |
2.7 % |
||
|
Louisiana South, LA |
60.7 % |
201.36 |
122.22 |
59.0 % |
199.71 |
117.79 |
3.8 % |
||
|
Charleston, SC |
87.8 % |
463.82 |
407.24 |
89.1 % |
455.20 |
405.58 |
0.4 % |
||
|
Same-Property(1) Portfolio |
72.3 % |
$ 270.42 |
$ 195.51 |
70.9 % |
$ 265.16 |
$ 187.95 |
4.0 % |
||
|
1. |
“Same-Property” includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented. |
|
2. |
As defined by STR, Inc. |
|
Xenia Hotels & Resorts, Inc. |
|||||||||
|
Six Months Ended |
Six Months Ended |
||||||||
|
June 30, 2025 |
June 30, 2024 |
% Change |
|||||||
|
Market(2) |
Occupancy |
ADR |
RevPAR |
Occupancy |
ADR |
RevPAR |
RevPAR |
||
|
Houston, TX |
67.3 % |
$ 231.37 |
$ 155.78 |
69.1 % |
$ 233.44 |
$ 161.33 |
(3.4) % |
||
|
Orlando, FL |
84.0 % |
245.45 |
206.29 |
82.0 % |
246.28 |
201.92 |
2.2 % |
||
|
San Diego, CA |
65.4 % |
359.15 |
234.80 |
64.7 % |
340.80 |
220.62 |
6.4 % |
||
|
Atlanta, GA |
72.5 % |
252.60 |
183.01 |
69.9 % |
241.58 |
168.85 |
8.4 % |
||
|
Nashville, TN |
71.3 % |
345.89 |
246.68 |
65.0 % |
369.58 |
240.41 |
2.6 % |
||
|
San Francisco/San Mateo, CA |
80.6 % |
221.75 |
178.64 |
78.3 % |
212.32 |
166.22 |
7.5 % |
||
|
Florida Keys, FL |
89.7 % |
583.23 |
523.13 |
86.0 % |
600.85 |
516.59 |
1.3 % |
||
|
Dallas, TX |
64.2 % |
229.31 |
147.31 |
77.3 % |
202.53 |
156.63 |
(6.0) % |
||
|
Portland, OR |
64.1 % |
177.00 |
113.46 |
67.5 % |
195.27 |
131.87 |
(14.0) % |
||
|
Washington, DC-MD-VA |
69.1 % |
314.50 |
217.16 |
68.5 % |
287.32 |
196.70 |
10.4 % |
||
|
San Jose/Santa Cruz, CA |
63.3 % |
249.98 |
158.20 |
59.4 % |
250.01 |
148.49 |
6.5 % |
||
|
Phoenix, AZ |
60.9 % |
412.63 |
251.28 |
41.9 % |
410.63 |
172.17 |
45.9 % |
||
|
Savannah, GA |
81.4 % |
251.73 |
205.02 |
83.1 % |
263.85 |
219.26 |
(6.5) % |
||
|
California Wine Country, CA |
69.7 % |
382.87 |
266.77 |
70.1 % |
372.45 |
261.03 |
2.2 % |
||
|
California Central Coast, CA |
76.5 % |
438.24 |
335.18 |
68.7 % |
426.94 |
293.18 |
14.3 % |
||
|
Pittsburgh, PA |
72.0 % |
282.17 |
203.18 |
66.1 % |
255.67 |
169.10 |
20.2 % |
||
|
Birmingham, AL |
78.4 % |
343.51 |
269.18 |
75.5 % |
356.39 |
269.08 |
— % |
||
|
Denver, CO |
70.2 % |
357.15 |
250.79 |
66.3 % |
355.93 |
236.03 |
6.3 % |
||
|
Salt Lake City/Ogden, UT |
70.3 % |
202.50 |
142.45 |
71.5 % |
202.84 |
145.06 |
(1.8) % |
||
|
Philadelphia, PA |
75.2 % |
203.65 |
153.13 |
68.5 % |
208.39 |
142.83 |
7.2 % |
||
|
Louisiana South, LA |
60.8 % |
235.72 |
143.37 |
60.9 % |
211.19 |
128.72 |
11.4 % |
||
|
Charleston, SC |
84.0 % |
432.98 |
363.80 |
84.8 % |
415.37 |
352.43 |
3.2 % |
||
|
Same-Property(1) Portfolio |
71.0 % |
$ 272.88 |
$ 193.66 |
69.2 % |
$ 265.64 |
$ 183.82 |
5.4 % |
||
|
1. |
“Same-Property” includes all hotels owned as of June 30, 2025 and also includes renovation disruption for multiple capital projects during the periods presented. |
|
2. |
As defined by STR, Inc. |
SOURCE Xenia Hotels & Resorts, Inc.
Hotels & Accommodations
Rival groups clash outside London asylum hotel as police issue arrest warnings
Rival protest groups have clashed outside a London asylum hotel as police issued an urgent arrest warning.
Several demonstrators were detained by officers on Saturday (2 August) after clashing with rival groups at a protest against the use of the Thistle City Barbican Hotel in Islington, north London, to accommodate asylum seekers.
People believed to be migrants watched the protests from the hotel’s windows, with some waving and blowing kisses as demonstrators chanted and banged drums in the street below.
A man wearing an England football shirt was detained by police after a confrontation with officers.
A group of anti-fascist protesters blocked a junction outside the hotel.
Officers then pushed into the crowd to detain several people, dragging them out by their arms and legs.
The Metropolitan Police said the protest against the use of the Islington hotel was organised by residents under the banner “Thistle Barbican needs to go – locals say no”.
A counterprotest, organised by Stand Up To Racism and supported by former Labour leader Jeremy Corbyn, as well as other groups including Finsbury Park Mosque and Islington Labour Party, took place.
Police said the anti-asylum hotel protest had been “endorsed by groups from outside the local community, which is likely to increase the number of people attending”.
Online groups that have voiced support for the protest include “Patriots of Britain” and “Together for the Children”.
The Metropolitan Police said plans were in place to “respond to any protest activity in the vicinity of other hotels in London being used to accommodate asylum seekers”.
A counterprotester outside the Thistle City Barbican Hotel said he wants migrants to “feel safe” in the UK.
Student Pat Prendergast, 21, said: “I want people to feel safe. I think the [rival protesters] over there are making people feel unsafe.
“I want to stand up in solidarity and say that, you know, we want people here. We want migrants. We want asylum seekers.”
A noticeably smaller group of protesters waved union flags and held banners outside the hotel. “Get these scum off our streets”, one man chanted in the direction of the hotel.
A large group of masked protesters dressed in black, chanting “we are anti-fascist”, appeared from a side street and marched towards the rival group outside the hotel.
There were brief clashes before police rushed in to separate the two groups.
Chief Superintendent Clair Haynes, in charge of the force’s policing operation, said: “We have been in discussions with the organisers of both protests in recent days, building on the ongoing engagement between local officers, community groups and partners.
“We understand that there are strongly held views on all sides.
“Our officers will police without fear or favour, ensuring those exercising their right to protest can do so safely, but intervening at the first sign of actions that cross the line into criminality.
“We have used our powers under the Public Order Act to put conditions in place to prevent serious disorder and to minimise serious disruption to the lives of people and businesses in the local community.
“Those conditions identify two distinct protest areas where the protests must take place, meaning the groups will be separated but still within sight and sound of each other.”
Elsewhere across the UK, there were also posts online advertising a “For our children, for our future” protest in Newcastle outside The New Bridge Hotel.
A “Stop the far right and fascists in Newcastle” counterprotest was organised by Stand Up To Racism at the nearby Laing Art Gallery.
Northumbria Police have been approached for comment.
Meanwhile, about 100 people attended a protest outside the Stanwell Hotel in Spelthorne, Surrey, on Friday evening, during which a packet of lit firelighters was thrown at police, Surrey Police said.
A man was arrested on suspicion of attempted arson and inquiries are ongoing to trace another suspect, the force said.
Officers also arrested a man on suspicion of conspiracy to commit violent disorder and aggravated trespass following a protest at the same location on Thursday evening.
ECONOMYNEXT – Sri Lanka, the world and US and the world is suddenly facing a triple whammy from the nationalist and interventionist actions of President Donald Trump that as well as the effects of the Fed’s inflationism via the excess liquidity driven single policy rate (ample reserves regime).
The Dow Jones index tumbled 1.23-pct (542 points) on Friday as the Trump tariffs went into effect, albeit at a lower than initially expected rate.
The Euro Stoxx 50 Index fell 154 points or 2.9 percent, with the FTSE 100 falling 0.7 percent, and the Nikkei falling 270 points, or 0.66 percent.
Regime Uncertainty
Trump’s actions where the government changes the expected rule of the game is called regime uncertainty.
Regime uncertainty which is an undermining of established rules governing, reduces the confidence of doing business and creates uncertainty and distrust of the system.
The so-called New Deal, where a number of state interventions were made by the Democratic government by mostly Keynesians killed investment and the first recovery from the Great Depression by making the investment environment uncertain.
Among the interventions was the devaluation of the US dollar and banning gold for both private holding and contract writing which led to savers being expropriated.
Sri Lanka has done extremely well to reduce the Trump tariff to 20 percent and ward off the worst effects.
In Sri Lanka President Anura Kumara Dissanayake has been acting carefully not making any sudden decisions giving continuity and policy stability except for one or two incidents.
READ MORE : Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War
Private citizens and businesses are un-armed and easily spooked, and it matters little to them whether pre-existing rules are de jure or de facto.
Sri Lanka Customs for example has ordered the re-export several hundred cars after suddenly deciding to implement a rule they had been ignoring for years and has signalled as permissible procedure in one intervention.
The Trade Ministry imposed price controls and created problems, but largely Sri Lanka has been a steady ship under the current administration allowing economic agents to work within a known system.
Resisting calls to ‘do something’ and intervene is difficult to resist.
The Disappearing Jobs
The second whammy on Friday was the revised jobs report, showing that new jobs created in May and June (after Trump’s taxes in April) was much, much lower than previously reported.
Predictably Trump killed the messenger by sacking the Erika McEntarfer, the commissioner of the Bureau of Labour Satistics claiming that jobs data “are being produced by Biden appointee”.
“We need accurate Jobs Numbers,” Trump wrote on his Truthsocial.com platform. “She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes.”
https://truthsocial.com/@realDonaldTrump/posts/114954846612623858″
McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months,” Trump added.
“Similar things happened in the first part of the year, always to the negative.”
It is normal for jobs to fall when the Fed ends an artificial boom of its own creation, which creates jobs that would not have been there had it been running a more prudent policy.
The Fed had been running a highly inflationist framework called the ample reserves regime, with trillions of excess liquidity, which was started by Bernanke to push up asset prices after the collapse of the housing bubble.
Macro-economists in the Fed, (which then infected the ECB) later ‘normalized’ the abundant reserve regime, adding fuel to the crypto bubble, stocks and also emerging market debt. As the single policy rate hit those countries, they are defaulting.
War Drums Whammy
The third whammy on the triple witching Friday was Trump deploying nuclear subs closer to Russia, after comments by ex-Russian President Dmitry Medvedev.
After years of being what is generally called a ‘Putin Lover’ and peddling his false narrative that Russia attacked Ukraine due to its wish join NATO, Trump has now suddenly fallen out with his friend during visits to Russia as a private investor.
Ukraine gave up nuclear arms and no one was interested in joining NATO until Putin attacked Georgia after cutting its debt with oil profits from the Fed housing bubble and strengthening its economy.
Instead of ignoring Medvedev Trump has now deployed nuclear subs.
Putin is a cool customer who has run one of the largest and most resource rich, and resourceful countries for decades, killing off the democratic opposition and tightening his grip on the system.
Trump is the leader of a democratic nation, who has term limits, a free press and a voting population who are used to kicking out Presidents like empty Coke cans.
While Trump has an advantage in extreme socialist policies of the Democrats and a Fed which is creating inflation and unhappiness after dumping its scarce reserve regime for the single policy rate, the business community which funded him is far from happy.
Is there a ticking bomb in the US?
After years of stimulus advocated by macro-economists, US government finances are in a bad state.
Russia avoided the stimulus and had very strong government finances until the start of the war. However, now the situation is different.
Though the Ruble was successfully floated under a 4 percent inflation target the Bank of Russia has been unable to fully bring down inflation. Russia is also trying to fight war with mercenaries, no conscription and the economy has started to slow down.
The US fiscal bomb, if it goes off however can have devastating consequences, more than other countries, since the entire world is linked to the country.
RELATED : Sri Lanka could get hit from a disorderly US tumble: Bellwether
Due to pressure from the macroeconomists in the Fed and Treasury and mistaken criticism of the Asian savings glut, countries like China and others are no longer firmly pegged to the US dollar and buying Treasuries as they did from 1950 to around 2005.
After 2014 when China and others shifted to more floating regimes, reserve collection has basically stopped. That is an own goal of the macroeconomists who shouted from the rooftop when long term rates did not go up when the Fed hiked rates shortly before the housing bubble broke.
When money was printed to fire the housing bubble by the Fed large volumes went to housing. Now banks are scared of housing and there are actual housing shortages in many countries. Instead money went to government debt for macro-economic policy and stimulus.
Government balance sheets are remarkably bad, compared to the end of the housing bubble and the Great Depression.
In the deflationary late 1990s the US ran budget surpluses for the first time since the collapse of the gold standard. Fed fired the Roaring 20s bubble in the 1920s as Treasury ran budget surpluses.
Macro-economists have hit own goals all over.
The Trump tariffs have brought more revenues to the government, which is good, but it must have come as lost profits (and new jobs it seems) in company balance sheets.
Trump’s expectations of greater investments – the US was a top recipient of FDI and bond investments in the past which created the trade deficit in the first place – due to its stable policies and practices like grandfathering, when rules were changed.
The biggest problem there seems to be little knowledge of how to fix the system in the US in both major parties.
US downturns tend to have ripple effects across the world and Sri Lanka has to be vigilant and not think that this country can ‘spend its way out of trouble’ as the US did from 2009 cutting rates when private credit is strong or going on capex spree. (Colombo/Aug02/2025)
Hotels & Accommodations
Protesters oppose one another at London hotel housing asylum seekers | Protest
Anti-racism demonstrators have turned out in large numbers outside a London hotel where asylum seekers are being housed to counter-protest against those opposed to it being used as Home Office accommodation.
Both groups of protesters gathered near the Thistle City Barbican hotel in Islington, north London.
The Metropolitan police said the anti-hotel protest was organised by a number of people under the banner “Thistle Barbican needs to go – locals say no”, but it has since been endorsed by groups from outside the area. Online groups that have voiced support for the protest include Patriots of Britain and Together for the Children.
One speaker at the anti-hotel protest, which had a turnout of about 100 people, claimed counter-protesters had been paid by “the Labour government and the trade unions” to attend. Some of those who gathered across the road from the hotel wore Mega (Make England great again) hats and one man was heard chanting “Get these scum off our streets” towards the hotel.
Directly outside the hotel, hundreds of people attended a counter-protest organised by Stand Up to Racism and supported by the former Labour party leader Jeremy Corbyn, who is the MP for Islington North, located on the other side of the borough. They far outnumbered the anti-hotel protesters.
Some people in the hotel could be seen watching the demonstration from their windows. Sarah Bailey, 63, who is retired, held a sign that said: “To everyone in the hotel, you are valued, wanted [and] welcome.
“I know somebody that has connections with this hotel. I thought it was so important, because I realised they would be looking out of the windows, that we send a positive sign saying you are all these three things.
“I think it’s so important to show people that have come here seeking safety and protection that they are welcome and to stand up to those who scare and bully them,” she said.
Pat Prendergast, 21, said: “I want people to feel safe. I think the [anti-hotel protesters] over there are making people feel unsafe. I want to stand up in solidarity and say that, you know, we want people here.”
A separate group of masked protesters, dressed in black and chanting “we are anti-fascist”, appeared from a sidestreet and marched towards the anti-hotel demonstration.
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The Met said plans were in place to “respond to any protest activity in the vicinity of other hotels in London being used to accommodate asylum seekers”.
A protest and counter-protest was also due in Newcastle outside the New Bridge hotel on Saturday. There were also posts online advertising a “For our children, for our future” protest in Newcastle on Saturday outside the hotel.
A “stop the far right and fascists in Newcastle” counter-protest has been organised by Stand Up to Racism at the nearby Laing art gallery.
On Friday evening, about 100 people attended a protest outside the Stanwell hotel in Spelthorne. Surrey police said a packet of lit firelighters was thrown at officers at the demonstration. The force added that a man was arrested on suspicion of attempted arson and inquiries were continuing to trace another suspect.
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